Bank Notes

[Joonya]

Why is it that Scottish accept English bank notes, yet not visa verca.

The lamest excuse I have heard is that the English think that Scottish Notes are easier to forge - or is it the fact that England have just 1 bank producing notes, whereas Scotland have 3 (RBS, BOS and Clydesdale)......

Why do we wear waterproof clothing in days like today to stay dry, yet strive to get as wet as possible (standing next to/cycling through the largest puddle waiting for the next large truck or double decker)?

If the shutters are closed to the local newsagents/pub/bank etc, and opening times are displayed, do people insist on interupting those working hard to open said establishment to ask whether they are open yet?

If you're looking for something specific only to find the shelf is empty and product sold out, do we ask at the counter if there is any in stock?

Your standing in a bar area and can clearly see a coffee/espresso machine on the back counter, not to mention the pricing list - yet people still insist on asking if coffee is sold at this establishment?

Does anyone else have any more weird thoughts like this???

[CaleyD]

Technically speaking Scottish Banknotes are not banknotes, they are promissory notes as they are issued by commercial banks and not central banks.

The other thing to note is that they are not legal tender anywhere in the UK, including Scotland....not even English notes are legal tender in Scotland....the BoE ?1 note used to be legal tender in Scotland, but when that was removed from circulation it left coins as the only form of legal tender in this country.

[Joonya]

ALERT - ALERT - All you paper money is FAKE.... remember to pay with coins only when entering TCS :rotflmao:

[CaleyD]

Nobody said anything about them being fake, and the banks would be breaking laws if they refused to accept them.

The term "legal tender" is often misunderstood, and really only refers to the "legal" payment of a debt.  If someone is paid in full using "legal tender" then they have no recourse to demand further payment under any circumstances.  However if they pay using some other means...in the case of a Scottish Note...then should anything prevent the recipient realising the value of that note then they would have recourse to the person who paid it to them.

Think of a Scottish Note (or any note in Scotland) as a cheque.  Your debt is not settled until that cheque clears and should it bounce then a person can come back to you to claim the value.  If you paid with a RBoS note and the RBoS went bust over night and could or would not honour the value then a person would have a legal right to chase you for the amount.

That's a rather simplistic view and in reality everything other than the first ?3 Million in notes in circulation for any commercial bank in Scotland are underwritten by deposits held with the Bank of England.  I think there's something in the region of ?1800 Million in Scots notes in circulation meaning that ?1797 Million of that is secure.....or to be more precise, the Scottish banks hold securities to that effect to offset the value of the notes issued.  If you also consider that there's more than ?3 Million thought to be lost down the backs of Sofas etc then the risk of using Scottish notes is very very marginally higher than using English notes.  I say very marginally higher because there's certain practices that go on which do pose a risk, but these are extremely minute and very unlikely to ever come into effect.

[Caley Mad In Berks]

I've lived in Englandshire for 40 years.  I can truthfully say I've never had a problem presenting a Scottish Bank note anywhere (banks, shops, clubs etc etc).  I've heard of people who (allegedly) have had Scottish notes refused, but I've never actually met one.  As a laugh, on the rare (believe that if you like)  occasions I lose at golf, I sometimes pay with a Scottish note , just to wind up my opponent.

[Yngwie]

When the Royal Bank of Scotland needed more money recently, rather than go through a massive rights issue why didn't they just print more notes for themselves?  :tic01:

[Kingsmills]

Caley D is correct in every respect.

[KingBeastie]

I've heard of people who (allegedly) have had Scottish notes refused

I've had Scottish notes refused in London and in Leicester.

[Jinkystan]

I once paid using a scottish ?1 note in a shop in London ... and got change back for a tenner ...  :021:

[Joonya]

Did anyone see the story in the 'paper last week (think it was the sun or record) where a lass accepted a ?20 note where the picture of the queen was replaced by ata clause...

The guy said it was a limited christmas print from a few years ago and there are very few in circulation... :rotflmao:

I just found the story here

[+Wanderer]

When the Royal Bank of Scotland needed more money recently, rather than go through a massive rights issue why didn't they just print more notes for themselves?  :tic01:

Nah, they quickly added up all the bank charges I was paying and realised they were home and hosed... barstewards!

[Heilandee]

Used to take 50 quid of Scottish fivers back down south after every leave trip up home just to go into the pubs,order several pints (when you could get several for a fiver ) and if they refused Scottish notes  just smile say "nae prob" and go to walk out out leaving the pints on the bar,most usually  relented at this point!!

P.S. Anybody with any notes their no sure about just hand them into the Fluke, C/O Heilandee, and i'll make sure they are dealt with!!  :003: